Millennials face many challenges when it comes to buying a home. Saving up for a down payment is difficult when burdened with monstrous student loans and a tough job market. Millennials have increased credit debt and decreased personal savings compared to their parents and grandparents.
Homeownership may not be the immediate future, but improving your financial situation can begin today. The right advisors, smart spending, and savvy saving will pave the way to your new home.
Here are 9 ways Millennials can save for a house:
- Hire a financial advisor: A few years out of school I was struggling to make ends meet and my debt was only getting bigger. A financial advisor helped me evaluate my finances and devise a plan to reduce debt and start saving. Interview several advisors before deciding who you want to work with.
- Research student loan debt options: Student loan debts are a huge burden for millennials. Contact your lender to review your options. Reducing your monthly payment can help set aside funds for a down payment.
- Find a local REALTOR®: Ask your REALTOR® about local, state, and federal financial assistance programs for first-time homebuyers. On Long Island and in Westchester/Hudson Valley, first-time homebuyers can apply for grants from the Community Housing Innovations, Inc.
- Consider a roommate or two: Reduce your rent and utility bills. Car pool to save on gas when making trips to the grocery store or heading to work.
- Evaluate your spending habits: What are your every day spending habits? Track every expense you make over a week. Try using Mint or Level to help track your spending.
- Cut back on monthly expenses: Don’t overpay on gym memberships, cell phone plans, and cable TV. Choose less expensive plans and watch your savings grow.
- Reuse, Recycle, Repurpose: Before you go out and buy new “stuff” see what you can reuse, recycle, or repurpose.
- Earn extra money: Freelance and part-time work can be a great way to earn extra income. Put 100% of this income into your down payment savings.
- Start an automatic savings plan: Place a percentage of your salary earnings directly into a savings account.
Millennials can overcome the financial challenges to homeownership with these smart and savvy financial tips. With a plan, patience, and perseverance, the dream of homeownership will soon become a reality.
What are your best money saving tips and tricks?
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Jessica E. Roberts
Real Estate Social Media Consultant & Coach ✩Power Up Your Connections With Social✩ Licensed Real Estate Salesperson REALTOR® Exit Realty Achieve Smithtown, NY 11787 t: 860-595-5726 | e: This email address is being protected from spambots. You need JavaScript enabled to view it.| w: http://news.jessicarobertsrealtor.com/
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